If you have the time and the patience to do the work, you might even enjoy upgrading.
As a rental property owner you know that keeping your rental property maintained can often thwart your revenue gains if you’re not careful; but it is possible for you to affordably keep your property looking its best without breaking the bank.
There are easy, budget-friendly ways to keep your property looking its best and increase your rental income at the same time. Let’s dive into the top affordable upgrades for rental properties.
Fresh New Cabinet Doors
If the cabinets are entirely worn out, replace the cabinet doors. Of course you’ll want to use high-quality, solid wood doors. They can be painted an appropriate color or even better, keep things neutral. With new hinges and knobs, the kitchen will have a fresh look that new tenants will love.
A Quality Paint Job
Did you know that a new, quality paint job has the highest return on investment of any upgrades to rental properties? Spend your money wisely and buy more paint than you need for touch-ups later on. If you want to skip this step, you can offer to let your tenants paint the walls themselves, which may be a selling point for some renters. Be sure to list any conditions in your lease about painting the rental property.
New Doors — Interior and Exterior
Doors get a lot of damage over time because of furniture and other things moving in and out of the property. Touch up paint doesn’t usually do the trick. Try adding new doors, interior and exterior to dramatically and inexpensively increase the visual appeal of the unit.
New doors can be found at your local hardware store and come in various price ranges. With a little help you can install a new door without changing out the door frame.
Pressure Wash the Exterior
Pressure washing makes a huge difference in how a property looks and it’s an affordable way to maintain your property. You can pressure wash the exterior of the property including the front porch, the back porch (or balcony), and the entryway to remove mold, mildew, or weathered materials and debris.
If you work with a property manager such as Cousin James Management, they can help you with pressure washing. If you want to do it yourself, renting a pressure washer is not expensive.
Landscaping Attracts Tenants
Landscaping has a natural attraction that new tenants respond to. If you have time and enjoy outside work, you’ll have the exterior looking beautiful in no time. Landscaping materials are fairly inexpensive, especially if you’re just planting flowers and hardy bushes. When you show your property, hearty landscaping says the property is well kept. It adds a personal touch like nothing else.
Install Hardwood Flooring
More people prefer hardwood flooring than carpet, whether renting or buying. Carpet is not easily maintained and must be replaced every few years. Oftentimes, it even needs to be replaced after every tenant, depending on the wear and tear.
Harwood flooring will make your property stand out and it rarely needs to be replaced, which is a huge cost advantage for you. Although you’ll spend more on hardwood than other flooring options, you’ll find that it has a quantifiable impact on your property value. Hardwood flooring can be marketed as a luxury amenity, which also allows you to increase your rental rate.
Add a Fresh Backsplash or New Fixtures
A quality backsplash is a must-have in any kitchen and if you add new fixtures to the list, your new tenants will love you. Make sure it’s easy to clean and has a classic look that tenants can match their own accessories to. New fixtures like a sleek, new faucet and overhead lighting immediately freshen up the kitchen and bathroom. If you feel your property is a bit dated, a fresh backsplash and new fixtures will add vitality.
Include a Washer/Dryer
Buying a washer and dryer for your rental property is not a huge investment. In fact, it will probably be a good return on your investment. and it’s very likely that this addition will give you a good return on investment. Tenants would rather pay an extra monthly charge for a washer/dryer than not have them.
Being a rental property owner means balancing the care of your property with keeping revenue up by keeping it rented. Both work together and upgrades will better ensure quality tenants on a long-term basis.
If you find that maintaining your rental property is more demanding than you originally realized, give Cousin James Management a call. We’ll do all the work and you can enjoy the revenue from your investment. From finding and screening quality tenants to every phase of maintenance and upgrades, our team of professionals know how to get the job done right. We can even collect the rentals for you and provide monthly reports. Good luck with your rental property and remember who to call if you need us. Cousin James Management or call us at Call 214-810-1850.